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Three Approaches to Investment Consulting
What “wealth management” means and what it doesn’t.
By Anthony Glomski
The Personal CFO
The term “wealth management” comes up time and time again as you seek advice about helping your clients with their financial challenges and opportunities.
MORE: The Role of the Personal CFO | Three Components of Collaborative Wealth Management | Cashing Out: Your Business Clients’ Five Big Issues
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People throughout the financial services industry like to call themselves “wealth managers” or “wealth advisors,” but research shows that only about 1 in 16 financial professionals really provide collaborative wealth management. This type of client relationship includes not only investment consulting, but all aspects of advanced planning and relationship management. Mostly they focus on investment management services that everyone else provides. In most cases, standard investment management services are not enough to make a meaningful difference in your client’s total financial picture. But your role as your clients’ personal CFO does make a huge impact.
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Five Steps to Getting Leads from Former Clients
Handle with care.
By Sarah Johnson Dobek
Inovautus Consulting
I was monitoring LinkedIn answers the other day and saw a post from a business owner asking if it was appropriate to approach former clients for the purposes of lead generation. Someone in the thread recommended that one should not contact former clients and instead, start from scratch.
MORE: Four Tips for CPAs Replacing Clients | Five Lead Generation Mistakes to Avoid | Four Ways to Propel New CPAs into Growing Your Firm | Four Ways to Help Young Rainmakers Build Their Skills | Seven Reasons Your Growth Plans are Stalled | Take the Pressure of ‘Selling’ Out of ‘Cross-selling’
I disagree. It is one thing if you failed miserably with the client, but I can’t understand why you would abandon a relationship if you provided the client with good service and guidance.
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The KPI an Absentee Manager Needs
Psst … YOU might be that absentee and not know it.
By Ed Mendlowitz
77 Ways to Wow!
The author contends that almost every business owner or manager is an absentee owner or manager, regardless of the amount of time they spend at their business.
MORE on ADVISORY: When an Audit Is a Great Thing | How to Read a Financial Statement | Which KPIs Do You Need? | 77 Thoughts about Client Needs | The Seven-Minute Financikal Statement
While many are ever-present either physically or virtually by phone, texts and emails, they are not managing but rather working in their business on what needs to be done at that moment or that day. They are responding to normal business routines; customer, supplier and personnel requests or problems; and myriad other situations that demand their time, such as banking relationships, cash flow planning, HR issues including hiring, discharging and compliance, interactions with outside professionals, including their attorneys and accountants, and regulatory and occupancy issues. Some have partner issues and if they are managing a not-for-profit organization, then board and possibly funding and development issues. They are functioning as a necessary and essential employee and are not really running the business or organization – as if they were not there or were in another part of the country.
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Why You Can Be a Virtual CFO
Accountants are perfectly positioned.
By Hitendra Patil
Client Accounting Services: The Definitive Success Guide
Tom, a CPA, has always been a curious person. For over 15 years, his tax “practice” was doing well. During the tax season, he had no time to think. But, oblivious to himself, with each tax return, he was depositing new questions in his subconscious.
MORE: Can You Identify Real CAS Prospects? | Client Wants Vs. Needs | The Big Money in CAS for Small Firms | The Mindset You Need for Client Accounting Services
He is now a shared CFO of 12 companies. But he took up the CFO work accidentally.
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